ST. GEORGE’S, Grenada, August 3, 2026 — The Dickon Mitchell administration has terminated Global Petroleum Group’s (GPG) Development License and Production Sharing Agreement, ending an 18-year relationship after concluding the company failed to meet key contractual obligations and deliver commercial oil or gas production.

The decision, which the Government described as being in the national interest, follows what officials said was a comprehensive review of GPG’s performance and repeated efforts to resolve longstanding concerns.

According to the Government, a Technical Working Group established in 2022 engaged directly with GPG from 2023 to assess the project’s status.

That review found the company had failed to complete the minimum work program required under its license, had not submitted a development plan that met industry standards, and was unable to demonstrate that it possessed the financial resources necessary to undertake the proposed development.

The Government said GPG was formally notified of the breaches and given opportunities to respond in writing and at meetings but failed to remedy the deficiencies, leading to the termination of the agreements.

“This was not a decision taken lightly,” the Government said, adding that Grenada “has both the right and the duty to act” when contractual obligations are not met over an extended period. It maintained that the move was necessary to protect the country’s natural resources while signaling that Grenada remains open to transparent and credible investors.

Attorney General Sen. Claudette Joseph defended the decision, stating, “Grenada has acted lawfully, responsibly, and in the national interest. After eighteen years, and after every reasonable opportunity given to GPG, the Government had a duty to the people of Grenada to bring these agreements to an end.”

The termination comes just weeks after GPG publicly accused the Government of delaying Grenada’s hydrocarbon development.

In an interview with The Bubb Report, GPG Executive Director Eduard Vasilyev claimed the company had been ready for years to launch a second offshore drilling campaign valued at approximately US$350 million, but could not proceed because it had not received the necessary approvals and cooperation from the Government.

“We were ready to drill. We informed the government many times in writing. We did not receive a single meaningful response,” Vasilyev said at the time.

He also maintained that GPG had invested about US$200 million in Grenada’s petroleum sector, advanced US$20 million to the Government under the contractual arrangement, confirmed what he described as a commercial natural gas discovery, and insisted the company had provided all geological and technical data to Government officials while remaining ready to move the project into production.

The decision effectively rejects GPG’s assertions, concluding instead that the company failed to satisfy its contractual obligations despite years of engagement. Prime Minister Mitchell is expected to address the nation on the decision.